(Reuters) - Nordstrom Inc (JWN.N) reported better-than-expected quarterly same-store sales on Thursday as more people shopped at the apparel retailer’s online stores, sending shares up 2.5 percent after the bell.
The upscale Seattle-based clothing and accessories retailer also slightly raised its full-year earnings forecast to $2.85-$3 per share from $2.75-$3 per share, and said it now expected net sales for the year to increase about 4 percent instead of 3-4 percent.
Nordstrom, which has fought back by investing in its own off-price discount chain, Nordstrom Rack, said off-price comparable sales rose 3.1 percent during the quarter, boosted by sales at its Nordstromrack.com website. Same-store sales at its full-price Nordstrom.com jumped 19.8 percent.
The company reported a 1.7 percent increase in total same-store sales for the second quarter ended July 29, handily beating the 0.5 percent decline expected by research firm Consensus Metrix.
Nordstrom said net income fell to $110 million, or 65 cents per share, from $117 million, or 67 cents per share, a year earlier.
Nordstrom’s net sales rose 3.5 percent to $3.72 billion.
The company gave no update on its potential privatization by some members of its founding family. Sources told Reuters last month that the family was trying to raise around $1 billion in equity from outside investors to take the department store operator private.
Reporting by Richa Naidu in Chicago; Editing by Lisa Shumaker and David Gregorio